Vanke Will Gain Recognition as a City Service Provider, Not Just a Property Developer, CEO Says
Liao Shumin
DATE:  Dec 11 2017
/ SOURCE:  
Vanke Will Gain Recognition as a City Service Provider, Not Just a Property Developer, CEO Says Vanke Will Gain Recognition as a City Service Provider, Not Just a Property Developer, CEO Says

(Yicai Global) Dec. 11 -- One of China's largest property developers, China Vanke Co. [SHE:000002; HKG:2202] may overhaul its core business, Yu Liang, chief executive, said at a press briefing in Xiamen in southern China on Dec. 8.

"We believe that Vanke will no longer be considered a real estate developer in future," Chinese online news outlet The Paper quoted him as saying. "Xiamen Vanke [Real Estate Co.] was a typical real estate developer three years ago. Today, it is representative of Vanke as an ancillary service provider to cities."

The executive had said in an earlier briefing that the real estate giant would move into offering ancillary services to support city strategies.

Vanke has expanded its services from building residential properties to encompass commercial real estate, property services, logistics, long-term rentals, winter activities, pensions, education and industrial offices.

"For the past two years or so, people have been concerned about our equity issues," Yu continued. "In fact, this is a very good opportunity for Vanke to make a low-profile transformation. I'm most worried about being told what to do, that would put us under a lot of pressure."

Follow Yicai Global on
Keywords:   Vanke,REAL ESTATE,Xiamen